1、CRS Legal Sidebar Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i Second Circuit Dismisses New York State Challenge to OCCs Fintech Charter Authority July 16, 2021 On June 3, 2021, in Lacewell v. Office of the Comptroller of the Currency, the U.S. Court of Appeals for t
2、he Second Circuit dismissed a challenge by the New York State Department of Financial Services (DFS) to a regulation of the Office of Comptroller of the Currency (OCC) under which OCC will consider applications for special purpose national bank (SPNB) charters by non-depository financial institution
3、s, particularly financial technology companies (fintechs). In Lacewell, the three-judge panel unanimously held that DFS failed to present a justiciable claim because it had not alleged a sufficient injury to establish either its standing to challenge OCCs regulation or that its claims were ripe for
4、adjudication. The Second Circuits decision reversed a 2019 district court judgment holding that deposit-taking is a requirement of the National Bank Acts (NBAs) “business of banking” clause and barring OCC from issuing SPNB charters to non-depository fintechs anywhere in the country. Fintechs provid
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